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TMI Blog2023 (2) TMI 685X X X X Extracts X X X X X X X X Extracts X X X X ..... . Appeal filed by the assessee is partly allowed for statistical purposes. X X X X Extracts X X X X X X X X Extracts X X X X ..... e any business during the year, which is contrary to facts as the AO has acknowledged the fact that the Appellant is engaged in rendering advisory services and the AO has also assessed the revenues earned from business reported in the Profit and Loss Account. 9. That the Learned CIT-Appeals-NFAC ought to have appreciated that the AO was not justified in law in overlooking the fact that two investment trusts constituted as SEBI approved venture capital funds viz. PI Opportunities Fund - I and PI Opportunities Fund - II were the recipients of investment advisory services provided by the Appellant and the revenues earned from the Appellant's business activity cannot be ignored merely because the service recipients are related, the Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4D of the Act of Rs. 7,11,090/- . 15. No opportunity has been given before levy of interest u/s 234A, 234B and 234D of the I T Act. 16. Without prejudice to the Appellant's right of seeking waiver before appropriate authority the Appellant begs for consequential relief in the levy of interest u/s. 234A, 234B and 234D of the Act. 17. For the above and other grounds and reasons which may be submitted during the course of hearing of this appeal, the assessee requests that the appeal be allowed as prayed for and justice be rendered. 2. Facts of the case are that the assessee company is engaged in the business of providing investment advisory services and derives its revenues in the nature of fee income for the same. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lacs, furniture and fixtures Rs. 28.82 lacs and computer software Rs. 1.13 lacs. The AO vide Notice under section. 142(1) dated 08.07.2016, received by the Assessee on 13.07.2016, called for several details, which were furnished by the Assessee. The AO vide Notice under section 142(1) r.w.s 129 dated 03.10.2016, received by the assessee on 05.10.2016, called for further details and reconciliations, which were also duly furnished by the assessee. 2.1 During the personal hearing the AO sought the detailed note on salary and bonus, Professional Charges, travel and conveyance, database charges, and proof for the services rendered by the Appellant. The details were duly furnished by the assessee. The AO directed that the proof of services rende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ground that against the claim of huge expenses against the income where there is no business activity. After allowing Rs. 20,35,803/-stating that this amount is towards minimum requirements to meet statutory compliances for the company, the AO has computed Rs. 4,96,81,519 as the total income for the year, under the normal provisions. The assessee was also asked to substantiate the business expediency of the expenses claimed as salary and wages, professional charges, travelling and conveyance, database access charges and staff recruitment expenses. The assessee explained the business expediency vide its note dated 25.11.2016. Stating that the aforesaid submissions of the Appellant is very much general in nature and the same can be said b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2018 07.02.2018 No reply 13.06.2018 12.07.2018 No reply 25.09.2018 07.11.2018 No reply 14.11.2018 22.11.2018 No reply 26.02.2019 11.03.2019 No reply 03.03.2020 16.03.2020 No reply 23.12.2020 18.01.2021 No reply 3.1 However, there was no response from the assessee's side. According to the ld. CIT(A)/NFAC, assessee has nothing to say and no interest to prosecute the appeal and accordingly, he placed reliance on the order of the Tribunal in the case of CIT Vs. Multiplan India Ltd. reported in 38 ITD 320 and also relied on the order of the Hon'ble MP High Court in the case of Late Tukoji Rao Holker Vs. CWT (1997) reported in 223 ITR 480 dismissed the appeal of the assessee for non-prosecution. Against this assessee is in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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